
==================================== General information ======================================================
 number of cross:                        12.0000 
 time period                           1977.0000 - 2017.0000 
 number of replication                10000.0000 
 Maximum number of breaks                 5.0000 
 Maximum number of frequencies            5.0000 

 Model:                                 flexible constant (without trend) 

 The long-run variance was estimated as in Sul, Phillips and Choi (2003) with the Bartlett kernel       
================================================================================================================


 =================================================================================================================
                     Critical values with :  10000.0000  replication and Bootstrape technique
 =================================================================================================================
                                PANKPSS        90           95         99          P-value
homogeneous panel_KPSS stat      2.2024       3.8555       4.8897       7.1010       0.0138 
homogeneous panel_KPSS stat      3.3438       6.1523       7.5711      10.5616       0.0004 


-----------------------------------------------------------------------------------------------
 KPSS stationary test with multiple sharp drifts and smooth breaks: Chang and Ranjbar(2012)    
-----------------------------------------------------------------------------------------------

      Bartlett      90%           95%         99% 
      0.0639       0.0979       0.1257       0.1880 
      0.1580       0.1180       0.1497       0.2213 
      0.0659       0.0907       0.1130       0.1679 
      0.1414       0.0377       0.0440       0.0572 
      0.0806       0.0833       0.1055       0.1617 
      0.1064       0.1067       0.1334       0.1886 
      0.2560       0.0478       0.0556       0.0718 
      0.0609       0.0571       0.0660       0.0829 
      0.1932       0.0922       0.1165       0.1620 
      0.0553       0.0967       0.1241       0.1793 
      0.1364       0.0956       0.1216       0.1748 
      0.2578       0.0546       0.0647       0.0836 

------------------------------------------------------------------------------------


-----------------------------------------------------------------------------  
                         Sharp drift dates;                                   
 -----------------------------------------------------------------------------

   1991.0000    1995.0000       0.0000       0.0000       0.0000 
   1991.0000       0.0000       0.0000       0.0000       0.0000 
   1988.0000    2012.0000       0.0000       0.0000       0.0000 
   1989.0000    1993.0000    1999.0000    2005.0000    2010.0000 
   1989.0000    1996.0000       0.0000       0.0000       0.0000 
   1989.0000    1995.0000    2006.0000    2011.0000       0.0000 
   1981.0000    1989.0000    1996.0000    2001.0000       0.0000 
   1982.0000    1988.0000    1992.0000       0.0000       0.0000 
   1989.0000    1993.0000       0.0000       0.0000       0.0000 
   1989.0000    1996.0000       0.0000       0.0000       0.0000 
   1989.0000    1994.0000       0.0000       0.0000       0.0000 
   1983.0000    1991.0000    2010.0000       0.0000       0.0000 
========================================================================================================

     opt_freq       F stat       90%          95%          99%
      1.0000      24.1652       2.3952       3.2117       5.3208 
      5.0000       4.4636       2.3867       3.1661       5.1176 
      2.0000       7.1996       2.4732       3.3382       5.5546 
      1.0000       3.9693       2.5218       3.3190       5.3342 
      1.0000      37.1524       2.4897       3.3311       5.3659 
      5.0000       1.7406       2.3980       3.2169       5.3169 
      3.0000      14.1236       2.5237       3.2916       5.3043 
      2.0000       5.6288       2.5958       3.4737       5.8281 
      4.0000       6.0830       2.5496       3.3925       5.2634 
      4.0000       2.7189       2.4830       3.2693       5.1892 
      4.0000       8.2611       2.4789       3.2644       5.2340 
      3.0000       9.1429       2.5459       3.4440       5.5702 
========================================================================================================


============================================================================================================
---------------------------- For graph----------------------------
 Please copy export this results to the Excel. Then copy export from excel to Eviews and then give graph
 graph
     -1.5194      -1.4881      -1.5954      -0.7017       0.2468      -0.2391      -0.0054      -0.0569       0.8125       0.8796       0.2013       0.1914      -0.6603      -0.6047      -0.4367      -0.4263       0.8938       0.8261       0.4236       0.6342      -1.4590      -1.2751      -0.7763      -0.8472 
     -1.4778      -1.4727      -0.7419      -0.6125      -0.0463      -0.1862       0.0652      -0.0919       0.7878       0.8251       0.1182       0.1986      -0.7825      -0.6765      -0.5787      -0.4384       0.9869       0.7963       0.4747       0.5896      -1.4314      -1.3177      -0.9109      -0.8805 
     -1.3925      -1.4660      -0.3790      -0.5055      -0.2857      -0.1389      -0.3953      -0.1279       0.8118       0.7760       0.3499       0.1834      -0.8862      -0.7833      -0.4240      -0.4380       0.8849       0.8065       0.6053       0.5482      -1.3470      -1.3067      -0.9416      -0.8887 
     -1.3442      -1.4680      -0.3468      -0.4404      -0.2690      -0.1016      -0.4113      -0.1640       0.8531       0.7334       0.2781       0.1540      -0.8889      -0.9028      -0.3054      -0.4250       0.9026       0.8529       0.4477       0.5251      -1.2896      -1.2460      -0.7260      -0.8703 
     -1.5795      -1.4788      -0.2454      -0.4537      -0.1735      -0.0777      -0.0743      -0.1995       0.8315       0.6982       0.1262       0.1271      -0.7597      -1.0103      -0.3234      -0.4007       0.8649       0.9187       0.4079       0.5288      -1.1785      -1.1578      -0.8358      -0.8291 
     -1.5313      -1.4980      -0.1113      -0.5379      -0.2829      -0.0696      -0.1877      -0.2334       0.6562       0.6713       0.0411       0.1176      -0.4714      -0.3785      -0.4276      -0.3673       0.8456       0.9799       0.6192       0.5578      -0.8592      -1.0741      -0.7973      -0.7735 
     -1.5187      -1.5252      -0.6205      -0.6460      -0.1128      -0.0779      -0.2274      -0.2650       0.5567       0.6533       0.1004       0.1308      -0.2657      -0.4021      -0.6818      -0.7348       0.9431       1.0141       0.6445       0.6017      -0.6627      -1.0255      -0.8165      -0.7152 
     -1.6053      -1.5599      -0.7377      -0.7175      -0.0558      -0.1019      -0.3186      -0.2935       0.6161       0.6446       0.0531       0.1594      -0.2576      -0.3712      -0.7770      -0.6931       0.9467       1.0090       0.7768       0.6444      -1.0618      -1.0296      -0.8877      -0.9353 
     -1.6521      -1.6011      -0.6255      -0.7125      -0.0876      -0.1394      -0.2753      -0.3183       0.6604       0.6455       0.1584       0.1873      -0.2874      -0.2923      -0.4644      -0.6531       0.8835       0.9664       0.6839       0.6704      -1.2061      -1.0850      -0.8874      -0.9059 
     -1.5525      -1.6479      -0.3688      -0.6337      -0.1185      -0.1868      -0.3282      -0.3388       0.5593       0.6559       0.1466       0.1991      -0.1540      -0.1817      -0.6735      -0.6184       0.9188       0.9018       0.6956       0.6702      -1.3032      -1.1715      -0.8417      -0.9021 
     -1.4627      -1.6992      -0.4225      -0.5253      -0.2051      -0.2397      -0.3082      -0.3545       0.7460       0.6756       0.1781       0.1880      -0.2936      -0.0625      -0.6067      -0.5922       0.7867       0.8388       0.7457       0.6439      -1.3858      -1.2575      -0.8788      -0.9247 
     -1.5238      -1.7538      -0.3600      -0.4478      -0.4617      -0.2933      -0.2475      -0.3650       0.7673       0.7041       0.1536       0.1603       0.0253       0.0407      -0.6654      -0.5771       0.8218       0.8002       0.6349       0.6011      -1.2473      -1.3118      -1.0075      -0.9691 
     -1.5498      -1.8104      -0.2509      -0.4445      -0.6034      -0.7820      -0.4648      -0.3702       0.6444       0.7408       0.2234       0.1315       0.1631       0.1064      -0.5017      -0.8389       0.8318       0.8002       0.6129       0.5573      -1.1414      -1.3146      -0.8347      -1.0259 
     -1.9550      -1.8677      -0.6693      -0.5173      -1.0405      -0.8222      -1.1780      -1.4903       0.2888       0.2026      -0.2863      -0.2694       1.5478       1.3096      -0.9113      -0.8488       0.4705       0.3632       0.3066       0.2369      -1.6346      -1.7105      -1.0735      -1.0835 
     -2.5966      -1.9244      -1.0468      -0.6255      -1.4651      -0.8497      -1.9203      -1.4844       0.0724       0.2528      -0.4880      -0.2605       1.9773       1.2699      -1.3665      -0.8705      -0.0965       0.4263      -0.2646       0.2337      -2.0938      -1.6263      -1.4650      -1.1298 
     -1.3778      -0.9087      -0.3674      -0.3370      -0.9205      -0.8619      -1.4723      -1.4731       0.3654       0.3081      -0.2036      -0.2339       1.3204       1.1844      -0.6805      -0.9018       0.6492       0.4909       0.2847       0.2570      -1.5131      -1.5384      -0.7853      -0.6297 
     -1.0228      -0.9602      -0.2606      -0.3486      -0.7619      -0.8576      -1.3340      -1.4567       0.6188       0.3672       0.0013      -0.2044       0.5796       1.0707      -0.4033      -0.3626       0.7909       0.5336       0.5816       0.2986      -1.3045      -1.4787      -0.5749      -0.6290 
     -0.7725      -1.0072      -0.2873      -0.2822      -0.7199      -0.8374      -1.0937      -0.9315       0.5073       0.4286      -0.0409      -0.1885       0.6660       0.9524      -0.4160      -0.4040       0.8342       0.9596       0.4463       0.3431      -1.2767      -1.4690      -0.5197      -0.6023 
     -0.7516      -1.0486      -0.1829      -0.1749      -0.6525      -0.8030      -0.9728      -0.9062       0.3556       0.4911      -0.3345      -0.1952       0.7804       0.8541      -0.3587      -0.4448       0.8543       0.9254       0.3994       0.3745      -1.1855      -1.0022      -0.4669      -0.5551 
     -0.6359      -0.4509      -0.1026      -0.0867      -0.6250      -0.7577      -0.8474      -0.8772       0.3952       0.5530       0.0309       0.0836       0.5661       0.7963      -0.3919      -0.4812       0.7638       0.8643       0.3709       0.3813      -1.0577      -1.0835      -0.3447      -0.4973 
     -0.4834      -0.4784      -0.1517      -0.0669      -0.6767      -0.7057      -0.7518      -0.8452       0.3546       0.2114       0.0387       0.0536       0.3155       0.1681      -0.3414      -0.5097       0.7492       0.7985       0.6233       0.7050      -1.1353      -1.1728      -0.3628      -0.4408 
     -0.4327      -0.4980      -0.1364      -0.1266      -0.7821      -0.6518      -0.7397      -0.8110       0.2503       0.2680       0.0262       0.0357       0.3640       0.2162      -0.5701      -0.5278       0.7248       0.7520       0.8507       0.6650      -1.1970      -1.2376      -0.6521      -0.3973 
     -0.4003      -0.5090      -0.0180      -0.2323      -0.7294      -0.6011      -0.7410      -0.7754       0.2705       0.3200       0.1143       0.0401       0.3035       0.3079      -0.6585      -0.5337       0.7195       0.7418       0.7086       0.6199      -1.1831      -1.2541      -0.3652      -0.3760 
     -0.3897      -0.5114      -0.2465      -0.3251      -0.6364      -0.5583      -1.4087      -1.4075       0.3336       0.3660       0.2104       0.0641       0.3440       0.4241      -0.8298      -0.5269       0.7575       0.7715       0.7371       0.5861      -1.0617      -1.2165      -0.3255      -0.3812 
     -0.3704      -0.5050      -0.2882      -0.3530      -0.5669      -0.5273      -1.4199      -1.3716       0.2794       0.4050       0.0628       0.0945       0.3301       0.5407      -0.3955      -0.5081       0.8155       0.8303       0.7305       0.5759      -1.1662      -1.1384      -0.4290      -0.4119 
     -0.3857      -0.4899      -0.1658      -0.3005      -0.4567      -0.5112      -1.5132      -1.3368       0.4226       0.4362       0.0006       0.1141       0.3070       0.0830      -0.4439      -0.4789       0.8256       0.8969       0.5894       0.5930      -1.1770      -1.0482      -0.3603      -0.4616 
     -0.4783      -0.4666      -0.1185      -0.1968      -0.4511      -0.5113      -1.4153      -1.3039       0.4831       0.4587       0.1346       0.1121       0.2205       0.1326      -0.4062      -0.4421       0.8432       0.9469       0.5103       0.6313      -1.1517      -0.9789      -0.4646      -0.5201 
     -0.3981      -0.4356      -0.1897      -0.1000      -0.4800      -0.5276      -1.1730      -1.2738       0.5153       0.4720       0.0517       0.0896       0.1715       0.1289      -0.4086      -0.4011       0.9023       0.9622       0.5025       0.6767      -1.1263      -0.9555      -0.5946      -0.5752 
     -0.4620      -0.3976      -0.3361      -0.0642      -0.4551      -0.5587      -1.0104      -1.2470       0.5293       0.4759       0.0639       0.0591      -0.0351       0.0725      -0.3226      -0.3598       0.9658       0.9372       0.5414       0.7127      -1.1311      -0.9868      -0.6244      -0.6154 
     -0.5168      -0.3535      -0.3566      -0.1093      -0.4809      -0.6017      -0.2746      -0.3962       0.5236       0.4703       0.0499       0.0377      -0.2241      -0.0248      -0.3545      -0.3220       0.8932       0.8810       0.5713       0.7262      -1.1200      -1.0611      -0.6058      -0.6325 
     -0.4121      -0.3043      -0.4006      -0.2102      -0.5675      -0.6524      -0.4486      -0.3780       0.4266       0.4552       0.3126       0.2786      -0.2066      -0.1428      -0.3707      -0.2912       0.8453       0.8140       0.6584       0.7123      -1.2529      -1.1516      -0.6664      -0.6228 
     -0.2871      -0.2512      -0.3643      -0.3105      -0.5641      -0.7063      -0.3436      -0.3649       0.4865       0.4310       0.4277       0.2996      -0.2933      -0.2570      -0.2360      -0.2703       0.6316       0.7607       0.6012       0.6761      -1.1389      -1.2252      -0.5871      -0.5884 
     -0.1946      -0.1954      -0.2585      -0.3540      -0.7828      -0.7583      -0.3830      -0.3570       0.3670       0.3983       0.3423       0.3300      -0.1631      -0.3437      -0.3518      -0.2613       0.6855       0.7405       0.7212       0.6307      -1.2838      -1.2552      -0.6115      -0.5364 
     -0.1953      -0.1382      -0.2660      -0.3166      -0.7336      -0.8035      -0.4010      -0.3547       0.3775       0.3579       0.2810       0.3530      -0.1298      -0.3849      -0.2321      -0.2649       0.6688       0.7606       0.6973       0.5927      -1.1934      -1.2305      -0.6098      -0.4777 
      0.0077      -0.0810      -0.1783      -0.2190      -0.7985      -0.8377      -0.5852      -0.6048       0.3737       0.3107       0.2533       0.3557      -0.2037      -0.3720      -0.2637      -0.2809       0.8270       0.8139       0.5240       0.5758      -1.0113      -1.1603      -0.7252      -0.8875 
     -0.0785      -0.0252      -0.2272      -0.1159      -0.9918      -0.8578      -0.5783      -0.6134       0.2249       0.2578      -0.0135      -0.0786      -0.3460      -0.3077      -0.3318      -0.3077       1.2085       0.8809       0.4671       0.5864      -1.1602      -1.0701      -0.8537      -0.8507 
      0.0116       0.0280      -0.1452      -0.0648      -1.1042      -1.2883      -0.7861      -0.6273       0.2113       0.2005      -0.1074      -0.1088      -0.3810      -0.2054      -0.2297      -0.3429       1.1288       0.9371       0.6314       0.6204      -1.0705      -0.9926      -0.8917      -0.8380 
      0.1159       0.0774      -0.1118      -0.0944      -1.2105      -1.2759      -0.7929      -0.6461       0.1929       0.1400      -0.1336      -0.1333      -0.3207      -0.0863      -0.2953      -0.3832       1.0062       0.9622       0.7739       0.6656      -0.9511      -0.9562      -0.9545      -0.8521 
      0.1420       0.1217      -0.1613      -0.1881      -1.2531      -1.2483      -0.7272      -0.6694       0.0407       0.0779      -0.2348      -0.1383      -0.0789       0.0249      -0.5220      -0.4247       0.9716       0.9470       0.9079       0.7054      -0.8749      -0.9741      -1.0804      -0.8900 
      0.1859       0.1600      -0.1212      -0.2935      -1.2658      -1.2079      -0.6494      -0.6967      -0.1365       0.0155      -0.1530      -0.1210       0.0907       0.1051      -0.5075      -0.4638       1.0956       0.8970       0.6190       0.7254      -0.8216      -1.0398      -0.9409      -0.9439 
      0.1450       0.1913      -0.1801      -0.3517      -1.3455      -1.1587      -0.4658      -0.7273      -0.0439      -0.0456      -0.0288      -0.0911       0.1525       0.1375      -0.4486      -0.4966       0.8940       0.8304       0.7341       0.7183      -0.8693      -1.1293      -0.8185      -1.0026 
